Hudson County real estate bloat
Anyone check out the New York Times today?
An interesting article about how Hudson County has the biggest backlog of unsold inventory in the tri-state area. More than double that of Manhattan. 24.1 months!
Hoboken and Applied housing were mentioned as well:
Housing inventory on the rise
“In Hudson County, home to Hoboken and Jersey City — an area known as “Wall Street West” — sales were 26 percent fewer in November than the month before, and 47 percent fewer than in November 2007.
One large developer in Hoboken, the Applied Development Company, stopped building anything other than rentals as of nearly two years ago, said its president, David Barry. “We saw the condo market getting ahead of itself, and becoming temporarily overbuilt, for sure,” he said.
But of the rentals that Applied is moving ahead with, several developments are in Hudson County. “We just started on 225 Grand, a 348-unit rental in Jersey City,” Mr. Barry said, “and we’re preparing to start with the Berkshire, 93 rental units, at the Shipyard.” The Shipyard is an Applied rental/condo complex on the Hudson in Hoboken.
What the heck is the “Berkshire”? Anyone have an idea where that’s being built? Is that the spot to the west of the Sovereign?